Shareholders take issue with the £1.7m pay package of Trinity Mirror's chief executive.

According to the Sunday Times four of the company's biggest shareholders - Schroders, Aviva Investors, Standard Life and Legal & General - have called on chairman-elect David Grigson to cut her £1.7m pay packet.

One top shareholder told the paper: "We have asked for Sly Bailey's salary to be reviewed as it is excessive by most standards, let alone a company with a market value of about £100m."

The paper also reported that between them the four key shareholders control 42 per cent of Trinity Mirror and that while none are yet looking to oust Bailey, it claimed her position would become "precarious" if she refused to cut her pay.